Determine the new equilibrium price and quantity.

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Suppose the demand and supply are given by Qdx = 14 - 1/2 Px and Qyx = 1/4 Px - 1 a. Determine the equilibrium price and quantity. Show the equilibrium graphically. b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity. Please show all work so I can understand. c. How much tax revenue does the government earn with the $12 tax? Please show all steps, so I can understand.

Reference no: EM131173326

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